Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need to do this problem with Excel, can you pls help me with this problem. Thanks The typical American household owes approximately dollar15,000 in

i need to do this problem with Excel, can you pls help me with this problem. Thanks

image text in transcribed

The typical American household owes approximately dollar15,000 in credit card debt. Assume you owe this amount and today is the end of the billing cycle for your credit card. You vow not to put another charge on your credit card until this debt is paid off. Your credit card has an APR of 18% and payments are calculated as 2% of outstanding balance or $15, whichever is greater. Determine: How many years will it take to pay the entire amount assuming you only make the minimum payments? At what month does the payment hit the dollar15 minimum? What is the total amount paid? What is the total amount of interest paid

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Islamic Finance

Authors: Karen Hunt-Ahmed

1st Edition

1118180909, 978-1118180907

More Books

Students also viewed these Finance questions